Saudi Arabia transfer ownership of 14 clubs

Article posted by Coliseum, December 16^th, 2023

Image: Coliseum GSVA

The Ministry of Finance (Saudi Arabia) has officially announced the transfer of ownership of 14 clubs to the private sector as part of its privatization program.

A ‘LinkedIn Post’ stated that the above decision has been reached with the aim of developing sports clubs to operate as independent commercial institutions.

Saudi Arabia has invested billions of dollars in sports as part of its Vision 2030 plan to diversify its economy and improve its human rights record. The country has hosted sporting events since 2014 and has landed the biggest sporting extravaganzas due to its sleek infrastructure and other facilities conducive for hosting big-ticket sporting events.

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